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Credit Score Basics, Part 1: What's Behind Credit Scores?

Date: September 29, 2011

Today, credit scores are often used synonymously as an absolute statement of consumer credit risk. Or, credit scores are so misunderstood that they are viewed as a de facto measurement of borrowing strength and mistakenly seen as including assets, income or net worth in the calculation. Consumers are regularly advised that the three digit credit score is important to their financial well-being. It is not uncommon to hear people boast of excellent credit scores or anxiously ask for help when their scores are low. However, a wide knowledge gap exists about credit scores. The gap is most significant among consumers, but also exists across the entire spectrum of credit score users...